Buy Rating Justified for BridgeBio Pharma Amidst Promising Long-Term Market Prospects for ATTR-CM Treatments

In a report released on March 21, Salim Syed from Mizuho Securities maintained a Buy rating on BridgeBio Pharma (BBIO – Research Report), with a price target of $53.00.

Salim Syed has given his Buy rating due to a combination of factors involving BridgeBio Pharma’s strategic positioning within the ATTR-CM market. Syed has highlighted the introduction of a new tafamidis tablet formulation currently in Phase 1 trials as a key element in his assessment. This development suggests that the market for ATTR-CM treatments is likely to remain robust beyond the previously anticipated 2028/9 timeframe, which aligns with the positive outlook for BridgeBio Pharma’s competing drug, acoramidis.
Additionally, the patent application for the tafamidis tablet formulation indicates a potential expiry in mid-2043, extending the intellectual property lifespan well beyond the current debate over the 2028/9 loss of exclusivity date. This move by Pfizer to prolong the commercial viability of its tafamidis franchise through lifecycle management also implies a longer-term market opportunity for BridgeBio Pharma’s acoramidis. Syed’s analysis indicates that these factors contribute to a positive long-term outlook for BridgeBio Pharma, justifying the Buy rating.

In another report released on March 20, J.P. Morgan also maintained a Buy rating on the stock with a $45.00 price target.

BBIO’s price has also changed slightly for the past six months – from $26.970 to $28.980, which is a 7.45% increase.

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BridgeBio Pharma (BBIO) Company Description:

BridgeBio Pharma, Inc. engages in developing transformative medicines to treat patients who suffer from mendelian diseases. Its pipeline of 15 development programs includes product candidates from early discovery to late-stage development. The firm develops BBP-265, an oral small molecule transthyretin for the treatment of TTR amyloidosis, including cardiomyopathy and polyneuropathy manifestations; infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor for the treatment of FGFR-driven cancers and in preclinical development for the treatment of achondroplasia; and BBP-631, a preclinical adeno-associated virus, gene transfer product candidate, for the treatment of congenital adrenal hyperplasia caused by 21OHD. The company was founded by Charles Homcy, Frank McCormick, Philip Reilly and Neil Kumar on May 17, 2019 and is headquartered in Palo Alto, CA.